The Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was introduced in the House of Reps on Wed 20.3.2013. It contains the following amendments:
- Super co-contribution – the Bill would amend the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to make changes to the superannuation co-contribution ie (i) reduce the rate of payment for the superannuation co-contribution from 100% to 50%; (ii) decrease the maximum amount payable from id=”mce_marker”,000 to $500; (iii) extend the freeze on the indexation of the lower income threshold for the 2012-13 income year; and (iv) set the higher income threshold at id=”mce_marker”5,000 above the lower income threshold (down from $30,000). DATE OF EFFECT: These amendments would commence from the date of Royal Assent and apply from the 2012-13 income year.
- Merging multiple accounts in super – the Bill would amend the Superannuation Industry (Supervision) Act 1993 to expand the duties of trustees of particular super funds to establish and implement procedures to consolidate accounts where a member of the fund has multiple accounts within a fund and consolidation is in the member’s best interest. DATE OF EFFECT: 1 July 2013.
- Other (non-super) changes – (see ‘Acts & Bills’ heading above).
[LTN 54, 20/3/13]